Near-term Setups in USD/CAD, AUD/USD & Ethereum
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Here's an update on the setup's I’m tracking into the start of the month. Find a detailed, in-depth review of these setups and more in this week’s Strategy Webinar.
USD/CAD: Looking for a near-term exhaustion high here. I’d like to see a close below 1.2504 todayfor possible short entries with key near-term support now at 1.2416/20. Levels and intraday targets remain unchanged from last week’s USDCAD Update.
Last week I noted that Ethereum prices were approaching resistance at 312 with the 61.8% retracement just higher at 320. The monthly opening-range is taking shape just below this range with near-term support eyed at 271/73- a break below this threshold risks a larger correction towards confluence support at 229/34 (area of interest for long-entries). Bottom line: look for a break of the 271-320 range with the broader outlook weighted to the topside while above the July trendline support. A breach targets 350/55.
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AUD/USD Daily Chart
Aussie dropped into the 78-handle- a level highlighted as an area of interest in my latest AUDUSD Update. I’m looking for a near-term recovery here but ultimately we’ll be looking to short a rally towards confluence median-line resistance around 7900. A break lower target the 2016 HDC at 7735.
---Written by Michael Boutros, Currency Strategist with DailyFX
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.